Director/PDMR Shareholding

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has today been informed that Miss Kathryn Matthews, a Director of
Montanaro UK Smaller Companies Investment Trust PLC, purchased 1,500 Ordinary
10p shares on 9 February 2011 at the price of 361.73p per share.

Following this transaction, Miss Matthews is interested in a total of 1,500
Ordinary 10p Shares (representing 0.004% of the total voting rights).

14 February 2011